In this episode, the host, Shivangi Sarda, provides a comprehensive analysis of the market’s current state and future potential.
Key segments cover technical insights, FII activity, index actionable, and sectors to watch, highlighting Nifty's potential highs, volatility impact, and strong stocks.
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[00:00:00] Welcome to Indian Market in Minutes from the Motilal Oswal Research Depth. We will be covering technical and derivatives FII's activity, index actionable sectors and stocks to watch out. So stay tuned till the end.
[00:00:22] Hey this is your host Shivanki Sardar and to start with our first segment from Monday 8th July 2024. Nifty index opened negative but recovered well throughout the day and remained range found in the first half.
[00:00:36] The second half of the session witnessed a comeback of the bulls and it closed with minor gains. It formed a small body bullish candle on the trading frame but broke its higher loss formation of the last 8 sessions.
[00:00:49] But the good part is that it formed a bullish candle on the weekly frame and has been making higher highs from the last 7 weeks. Intervicks was down by around 1.2% to 12.7%. Volatility has crashed throughout the week and is converting the bulls to drive the index at higher zooms.
[00:01:08] Nifty put call ratio slightly fell to 1.2 levels. Now this fall in volatility along with the higher base put call ratio suggests that momentum is to continue on the upside. Option data suggests a broader trading range in between 24000 to 24600 while immediate change is in between 24200 to 24500.
[00:01:34] Moving on to the second segment in the equity cash market, FIIIs were net buyers to the TULOC 1241 kR. While DIIs were sellers worth 1651 kR. FIIIs indexed long short-trace ratio increased to 83.83% which is at its highest level since May 2021.
[00:01:57] Going ahead with the index actionable, derivatives data and price setup suggests Nifty has to hold above 24250 to extend the move towards 24500 and 24600 while support is placed at 24200 then 2450. Bad Nifty has to continue to hold above 52500 for a long move towards 529050 then 53250
[00:02:26] while a hold below the same could see some weakness towards 52250 then 51900. And finally talking about the sectors and stocks to watch out, positive stance was seen in most of the defence name banking, chemical infertiliser and selective pharma names.
[00:02:45] Now stocks to keep on radar are CPSC, specially defence, shipping construction and railway. Some stocks include PEL, HAL and IRCTC. From the banks we have Federal Bank and SBI which is reversing and showing strength now. From the Tapcoot space we have Tumans India which looks quite positive.
[00:03:07] From the Pharma space the focus is on Auro Pharma, Glenmark and Sun Pharma. From Energy we have O&GC, Reliance and Power Grid which have been the index movers. And finally Auto we have the 2-veeders space which is looking quite positive which includes DVS Motor.
[00:03:24] Wish you a super trading day and a lovely week ahead. For more such detailed analysis don't forget to follow this podcast. This is Shivangi Sardar signing off.